Bitcoin Capitulation Continues, Next Support at $47,000: Willy Woo

IconCryptoNewsTerminal Staff08 Jul, 2024

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Bitcoin Capitulation Continues, Next Support at $47,000: Willy Woo

Willy Woo, an on-chain analyst, recently stated that "Bitcoin miner capitulation has occurred during every halving cycle since the beginning, and hash rate has yet to recover." According to Woo, a strong buy signal will emerge when Hash Ribbons start to recover. He went on to say that "the FUD has been very genuine, with the German government selling. The market is speculating that they are transferring coins to OTC desks, which reduces their selling pressure but does not eliminate it. They still have [39,800 BTC] to sell, and the Mt. Gox repayment looms with [139,000 BTC] remaining to be sold." On the positive side, he stated that "BTC spot ETF inflows continue to be strong. Futures data remains indecisive about direction, but a move lower would place the next support level for BTC at [$]47,000, according to volume profile analysis. If you are leveraged, you may want to wait for a hash rate bounce." BTC is presently trading at [$]56,682.23, up 1.48% according to CoinMarketCap.

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